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Oxus Mining Plc (OXS)

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Thursday 15 May, 2003

Oxus Mining Plc

Increased stake in subsidiary

Oxus Mining Plc
15 May 2003

                         OXUS INCREASES JEROOY HOLDING

Further to the announcement of 12 May 2003, Oxus Mining plc (OXS.L) ('Oxus') is
pleased to announce that it has purchased the 7% of Norox Mining Company Limited
('Norox') previously sold to Conquest Resources Limited ('Conquest'). As a
result Oxus now owns 100% of Norox, which in turn owns 66.67% of the Jerooy Gold
Deposit in the Kyrgyz Republic. The Licence to develop Jerooy was reinstated on
7 May 2003. Jerooy has a total resource of 3.45 million ounces of gold.

Conquest had acquired the shares in Norox by expending US$400,000 (£250,000) on
Jerooy pursuant to a Share Sale, Option and Joint Venture Agreement dated 2 May
2002, which also granted Conquest an option to acquire the remaining 85% of
Norox. This Agreement has now been terminated.

As consideration for the purchase of the Norox shares, Oxus has agreed to issue
1,250,000 ordinary shares to Conquest by way of a private placement at 20 pence
per share, plus 250,000 warrants, exercisable within 5 years from date of grant,
to acquire shares in Oxus at 25 pence per share.

                                                                     15 May 2003


Oxus Mining plc Tel:  +44 (0)1483 714411
John Donald, COO      Email:

Brown Shipley Corporate Finance     Tel:  +44 (0)20 7606 9833
Bill Staple

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